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Real Estate Briefing 11.Jan 2013

Posted on 11 January 2013 by Laxman |  Email |Print

The house-price boom that preceded the financial crisis was remarkable for its scope and scale. With a very few exceptions, there seemed only one way for prices to go: up. Things have been more diverse since, and our latest review of house prices is a picture with dramatic chiaroscuro.
A brightening outlook for America stands out against the darkening tones of the beleaguered economies on the periphery of the euro area. In the countries we track, house prices are rising and falling in equal numbers. Over the past year prices have jumped most in Hong Kong (see table), prompting further government efforts to cool the market. They have dropped by 9.3% in Spain, the heaviest faller………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The housing market in 2013 stands on a precipice. While there is hope that the slow, but real, housing recovery that took hold last year will continue, fear remains that a sudden economic dip of the kind that could be caused by fiscal disputes in Washington will send the housing market back in retreat.
Housing depression to persist through 2013. If the stock market fell 80 percent, everyone would be calling it a depression (or worse). Well, new home sales are still down nearly 80 percent from their peak before the housing crash, home prices are still down at least 25 percent from record highs, and foreclosures are still rolling through………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Media coverage of the real estate market has focused so much on the mortgage woes of homeowners over the past five years, you might be excused for believing that only a small minority of homeowners actually, well, own their homes — mortgage-free. But you’d be mistaken, a report released by listing service Zillow suggests.
As of the third quarter of 2012, nearly 30 percent of homeowners, or just about 21 million Americans, were free and clear of a mortgage. Zillow told AOL Real Estate that that rate is 3 percentage points lower than the number of mortgage-free homeowners in 2010, indicating that the country’s debt burden has creeped up over the last 2 years………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

There is growing interest by private investors from the East and West Coasts in the Chicago office market today. One of these loosely-affiliated groups of high-net worth individuals bought the 540 West Madison Street building in Chicago’s West Loop– just west of Chicago’s main CBD–for $350 million at the end of December.
The fact that these East and West Coast buyers are looking to Chicago to make large investments is a good sign for the health of the market, says Michael Lirtzman, executive vice president at Transwestern in Chicago………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

If 2012 wasn’t a banner year for the D.C. housing market, there was certainly an uptick in sales activity near the end of the year. “We had a tremendous closing at the end of 2012,” says broker Terri Robinson of Long & Foster, who’s worked in D.C.-area real estate for 42 years and finally saw long-languishing properties change hands in the final months of the year.
“What it tells me is we’ve hit bottom,” says Robinson. “Well, I don’t want to use the word bottom, but prices seem to be on the increase.”……………………………………….Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

European commercial real estate investment volumes for 2013 look set to match the performance of the last 12 months, Jones Lang LaSalle has predicted.
The global property adviser said that an ‘exceptional’ fourth quarter pushed global real estate investment volumes to $436 bn (€330 bn) in 2012. The global performance marked a slight increase on 2011’s $435 bn and a 36% increase on 2010………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

U.K. house prices stagnated in December and may record a modest increase in 2013, Acadametrics Ltd. said. The average price of a home in England and Wales was 227,026 pounds ($366,000) last month, Acadametrics and LSL Property Services Plc (LSL) said in a monthly report published in London today. From a year earlier, values rose 3.2 percent.
U.K. credit conditions have eased and mortgage approvals have risen in a sign the Bank of England’s new credit program may be starting to have an impact………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Britain’s homes gained £57 billion in value over 2012, bringing their total market worth back to levels seen in 2009, a property website has found.
The value of homes across the country has now reached £5.96 trillion, according to Zoopla.co.uk, which worked out the figure by combining the estimated current market worth of every home in Britain………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The UK’s struggling construction market is expected to turn a corner this year, according to a leading quarterly survey of chartered surveyors. More surveyors than not - a net balance of 15pc of those polled by the Royal Institution of Chartered Surveyors (RICS) - expect their workloads to grow over the next 12 months, after a “horrendous” 2012.
Builders are feeling the continued impact of reduced government and private sector spending. Official data recently showed construction output fell 2.5pc in the third quarter and was down 11.2pc on an annual basis at that point………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The Irish commercial property market is likely to see greater polarisation in 2013, as demand rises for prime property in key locations, while secondary and provincial properties take longer to unwind. In its outlook for 2013, commercial property consultant CBRE is bullish about the prospects for prime property, considering the weight of demand from a range of international investors for opportunities in the Irish market.
“The prospects for prime property are considerably better than secondary with increased polarisation likely to be a key trend in 2013,” said Marie Hunt, executive director and head of research at CBRE, adding that the sector is moving into a “recovery phase”………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

German property prices and rents rose more slowly last year as demand for space in smaller cities was hurt by a migration of workers to larger ones.
The BulwienGesa Real Estate Index, which combines commercial and residential prices and rents, rose 3.1 percent in 2012, the real estate research firm that compiles the data said today. In small cities such as Bremerhaven and Chemnitz, values rose 1.9 percent, BulwienGesa AG said. The index climbed 3.4 percent in 2011………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The housing market will ensure this year the development of the real estate market of Baku. Consulting company MBA Group’s general director Nusret Ibrahimov says that as well as in 2012 this year the growth of the real estate market will be provided due to the housing market.
“According to forecasts, the Baku real estate market will increase by 5-6% in the current year, the housing market by 6-7%, the land market by 1-2%, the market of commercial properties by 4-5%,” Ibrahimov said………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The end of the major strike disruptions of late 2012 should lead to some better economic growth quarters early in 2013, but the housing market has begun the year on a very weak economic footing, John Loos, FNB’s household and property sector strategist, said on Thursday.
“We expect house price growth for the year 2013 as a whole to be slightly more subdued than 2012, and pencil in a nominal average rise of 2.5% for the year,” Mr Loos said. With consumer price inflation expected to average 5%-6% in 2013, that implied a further fall in real prices, he said………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Do you know what the hottest property ticket in Hong Kong is right now? That’s right — it’s the humble parking space. The average price for each slot is now nearly $100,000, and a report last week claimed that one real estate boss, Jacinto Tong, had been offered $640,000 for each of his two spaces in the central Wanchai business district.
Tong decided not to cash in; he says he likes parking his Mercedes S500 near his office building’s lift, while the other space is reserved for his driver. Parking spaces have become big business; some banks are even offering mortgages on them………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Office spaces rented by companies, a clear indication of the economy’s health, for 2012 dipped by 26% compared to 2011 in seven major cities, according to a report by leading commercial property and real estate services adviser, CBRE India.
According to the report, about 26 million sq ft of office space was absorbed in 2012 as against 35 million in 2011. “The decline in absorption across key cities is primarily due to the continuing global and domestic uncertainty in the economy which is a deterrent for corporates in their expansion plans. ……………………………………….Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Large number of Indian living abroad (NRI) are willing to return to their homeland (8-9%). Real estate market in India plays a key role for NRI population to invest in their homeland. In 2012, if we go with market sources when it is observed that 40 percent of the queries related to Delhi NCR properties were from NRIs.
Along residential properties; NRI are also keen in investing into commercial property and guaranteed returns. Apart from the localities such as Gurgaon, Noida, Greater Noida, localities such as Noidaextension,Bhiwadi, Sohnaroad, Dwarka expressway, KMP expressway and Gurgaon Faridabad road offers new investment opportunities………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Potential property-market profits related to the new round of urbanization should not be overestimated. “People think that the new round of urbanization will definitely push up the property market, which I think is too optimistic,” said Qin Hong, director of policy research center under the Ministry of Land and Resource, China’s top land and housing authority.
“What I understand about the new urbanization is the quality of the urbanization, about how to change the previously unbalanced, uncoordinated, and unsustainable model,” she said………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Home prices at the 50 major estates in the territory soared 22 percent last year, according to Ricacorp, which forecasts that prices will gain 10percent this year despite the latest cooling measures adopted by the government.
In December, average transactional prices at the major housing developments had stood at HK$7,552 per square foot since the third quarter in 2012, surpassing the 1997 figure of HK$7,012 psf. On top of that, 12,628 car parking spaces were sold last year, rising to a 17-year high and involving HK$8.24 billion………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The dominance of Asia-Pacific in the top 10 most expensive business locations worldwide continued, led by Hong Kong-Central – the world’s most expensive market - and five other Asian markets, according to CBRE Global Research and Consulting’s semi-annual Prime Office Occupancy Costs survey.
However, it was a U.S. market, San Francisco (Downtown) that had the strongest year-over-year increase in prime office occupancy costs with a 36.4% rise driven by that market’s hot technology sector………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

The latest data released by the Urban Redevelopment Authority shows that the price of residential property in Singapore increased to a new record in quarter four of 2012, according to Property Wire. In the fourth quarter of 2012, prices rose by 1.8 percent.
However, prices only rose by 2.8 percent annually, much less than the 5.9 percent increase in 2011………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Isolated and non-metropolitan areas of New Zealand suffered big falls in property values last year as people continued to flock to the main centres.
Latest data from QV showed the biggest falls in Westland (6 per cent), Wairoa and Gisborne (5.3 per cent), Kaipara (4.3 per cent) and Waitomo (2.5 per cent), while values in Auckland and Christchurch surged, in some cases above 13 per cent………………………………………..Full Article: Source

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Posted on 11 January 2013 by Laxman |  Email |Print

Jones Lang LaSalle preliminary numbers show U.S. fiscal cliff tax concerns and pent-up demand lifted 4Q volumes to end the year ahead of 2011. Preliminary global volumes beat forecasts to end 2012 at $436 billion, a slight increase over 2011’s $435 billion and a 36 percent increase over 2010. Global 4Q 2012 totals $141 billion compared to $100 billion for 3Q and $119 billion for 4Q 2011.
Direct real estate ownership is showing its attractiveness in a low-yield, high-liquidity world with below trend economic growth prospects for 2013. The “fiscal cliff” and pent-up demand pushes U.S. volumes 51 percent higher quarter on quarter as vendors fret over capital gains tax increases and the need to allocate capital, 34 percent up on 4Q 2011 and 11 percent higher year on year. Canada and Mexico also have a stronger year in 2012 than in 2011, showing growth is across the Americas. (Press Release)

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